THE GOVERNMENT is planning to wind down its stake in the renewables infrastructure fund Greencoat UK Wind, taking home up to £42m in the process.
The government invested in the launch of the company in 2013 as part of its drive to build a market for renewable energy assets.
The company has floated on the London Stock Exchange, raising £260m to buy six wind-farms from energy firms SSE and RWE.
The oversubscribed float was used to secure investment for the UK’s aging energy infrastructure.
Business secretary Vince Cable said: “We wanted to allow developers to recycle their capital into new renewable construction projects and to help grow this important sector.
“This sector is now well-established, with six listed renewables infrastructure funds worth more than £1.7bn”.